The International Finance Corporation (IFC), a subsidiary of the World Bank, will invest SR187.5 million to support Saudi British Bank's (SABB) Islamic home financing portfolio.
IFC will provide 12-year funding to SABB for the Saudi Riyal equivalent of $50 million under a Murabaha facility to fund SABB's Islamic home financing product "Manazel," according to a press statement published today.
A senior official of SABB said: "This is a significant step to support our program to help Saudi citizens in purchasing or building a home. SABB is proud to have been selected by the IFC and looks forward to expanding home ownership in the Kingdom of Saudi Arabia."
